C150041 PIF

• Contract/PO #: C150041
• Contractor Name: Woodchuck Ditch Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

ASSIGNMENT OF CERTIFICATE OF DEPOSIT
In consideration of and as security for reimbursement for monies owing under a loan ("Loan")
from the Colorado Water Conservation Board ("Lender") to the Woodchuck Ditch Company
("Owner") pursuant to Contract Encumbrance Number C150041, ("Loan Contract"), Owner
hereby assigns to the Lender Certificate of Deposit No. 0449359223 in the amount of
$2,878.48 ("Collateral") issued by Wells Fargo Bank west, N. A. ("Bank"). Owner
warrants that said Certificate of Deposit Account has been established as a special deposit with
the funds deposited therein to be used solely to secure repayment of the Loan to Lender.
The Collateral secures the payment and performance of all of Owner's present and future,
direct or indirect, absolute and contingent, express and implied, indebtedness, liabilities,
obligations and covenants (cumulatively "Obligations") by Lender pursuant to the Loan
Contract described above and any amendments thereto. This Assignment is made solely to
secure performance of the Obligations and is made subject to the following terms, covenants
and conditions:
1. Owner shall deliver the original Certificate of Deposit to Lender upon the execution of this
Assignment. This Assignment shall continue until Lender specifically terminates the
security interest in the Collateral in a writing signed by Lender.
2. Lender shall be entitled to notify the Bank to pay Lender any monies owing Owner under
the Certificate of Deposit in the event of a default under the Obligations. The Lender shall
apply such monies first to costs associated with collection, including reasonable attorney's
fees, next to outstanding interest, and then to the principal sum of the Loan. In the event
that Owner possesses or receives possession of any instruments or other remittances with
respect to the Certificate of Deposit following the giving of such notification, Owner shall
hold such instruments and other remittances in trust for Lender apart from Owner's other
property, endorse the instruments and other remittances to Lender, and immediately
provide Lender with possession of the instruments and other remittances.
3. The Owner shall be in default under this Assignment upon the occurrence of any of the
following events or conditions: (a) failure or omission to make any payment under the Loan
Contract when due; (b) default in the payment or performance of any obligation, covenant,
agreement or liability contained or referred to in the Loan Contract; (c) the making of any
levy, seizure, or attachment on the Collateral; (d) the Owner becoming insolvent or unable
to pay debts as they mature. The Lender shall give the Owner written notice of any
alleged default and an opportunity to cure within thirty (30) day .of receipt of such notice
before the BORROWER shall be considered in defaul pos th' ssint.
4. Owner herebyappointsattorney Lender as its attorne -in- to endorse r s name on all
instruments and other remittances payable to Owner with respect to the Certificate of
Deposit. This power of attorney is coupled with an interest and is irrevocable.
5. The modification or waiver of any of Owner's obligations or Lender's rights under this
Assignment must be contained in a writing signed by Lender. A waiver on one occasion
shall not constitute a waiver on any other occasion.
Appendix 3 to Loan Contract C150041